Bio and Waste Included in Green Industries Eligible for Green Convergence Cluster Development

'Green Convergence Cluster Act' Enforcement Decree Draft Approved at Cabinet Meeting
Specific Definition of Green Industry Scope

Ministry of Environment Designates SMEs and Mid-sized Companies in Green Convergence Clusters as Green Innovation Companies
Additional Support Including Local Tax Reduction and Priority Use of Public Property

[Sejong=Asia Economy Reporter Joo Sang-don] In addition to the environmental industry, industries related to the production, supply, and use of bio, waste, and thermal energy are also included in the green industry eligible to establish Green Convergence Clusters.

The Ministry of Environment announced that the draft enforcement decree of the "Act on the Establishment and Promotion of Green Convergence Clusters," which includes these details, was approved at the Cabinet meeting on the 14th and will be enforced starting from the 16th.

This enforcement decree draft reflects the matters delegated by the Act on the Establishment and Promotion of Green Convergence Clusters, enacted on June 15 this year, as well as necessary provisions for system operation.

Furthermore, it specifically defines the scope of green industries eligible to establish Green Convergence Clusters and clarifies the criteria to be considered when designating such clusters for their promotion.

First, the enforcement decree draft defines the scope of green industries stipulated by law to support and activate industries related to green industries, including not only the environmental industry but also bio, waste, and industries related to the production, supply, and use of thermal energy.

Additionally, to support the designated green industries, when designating Green Convergence Clusters, it requires consideration of factors such as consistency with the basic plan for Green Convergence Clusters stipulated by law, contribution to regional economic development, ease of securing professional manpower, and relevance to urban development in the jurisdiction of metropolitan cities and provinces.

Moreover, the Minister of Environment may designate SMEs and mid-sized companies residing in Green Convergence Clusters as Green Innovation Companies if their green industry sales exceed 15% and they possess professional manpower and dedicated R&D departments, providing additional support such as local tax reductions and priority use of public property to promote research, development, and commercialization.

Jang Ki-bok, Director of Green Transition Policy at the Ministry of Environment, stated, "With the enactment of this enforcement decree, a systematic foundation for the establishment and support of Green Convergence Clusters has been laid," adding, "We will contribute to creating new green industry jobs by establishing Green Convergence Clusters from the perspectives of resource circulation and carbon neutrality and providing systematic support for the clusters."